Foxconn Technology Group, the world’s biggest contract manufacturer for electronics, is deepening its investment in Lordstown Motors Corp's once-troubled EV startup that recently began building its first all-electric pickup truck at a former General Motors plant in Ohio.
The two companies said Monday that Taipei-based Foxconn plans to spend $170 million to buy common stock and newly created preferred shares, providing Lordstown Motors with a fresh injection of capital as it works to increase production of its debut model, the Endurance.
Additionally, Foxconn and Lordstown Motors said they would jointly develop their first electric vehicle together, declining to provide further details about the project.
The investment by Foxconn, a contract manufacturer best known for its work with Apple Inc., is the latest cash infusion into the electric-truck startup, which a little more than a year ago was in danger of running out of money.
Source: Wall Street Journal